Moov is a portable, extensible, open-source platform for embedding banking services within any application.
Overview of briefing
0:00-5:30 Background on the Moov idea & Progress
Background and introduction by Wade Arnold. Moov was started after Wade’s experience building FinTech companies and investing in new technology. After selling his last company to Jack Henry he noticed that new companies keep resolving the same technical problems that start at the low level protocols of banking. Moov’s solution is built on low level building blocks because they believe that’s how you fix banking technology. They’ve built a developer community with over 1,000 participants and continue to build their open source products with the community. Use cases of Moov libraries have already been tested with Bank of America, Square, Paypal, and Visa transactions.
5:30 – 8:45 Discussion of Moov community and use cases
A gap exists in the way that FinTech technologies are built in comparison to the open source and cryptocurrency community. Financial infrastructure is a black box and not a lot is shared between companies. Moov has focused on building it’s open source community on Github & Slack to help connect people across companies more seamlessly.
An ACH library is one of the open source solutions available on Github. Other library examples are watchlist type lists for AML/CTF/KYC/OFAC searching, consumer credit history reporting or IRS reporting. Using community sourced libraries saves time from building your own solutions from scratch without turning everything over to a third party.
8:45 – ACH Library Demo
ACH file formats are interesting and complex to build on but use formatting and language that most people don’t understand. The Moov ACH library allows you to go to package and feed in JSON so you start with something intuitive and easy to use. It’s available as a Docker image. During the a demo a PPD Debit was demonstrated without interacting with ACH files. Move also demonstrated an ACH parser that instantly converts ACH files and output them into usable JSON.